Arrowstreet Capital Limited Partnership Cuts Stake in Matrix Service Company $MTRX

Key Points

• Arrowstreet Capital cut its Matrix Service stake by 64.5% in the first quarter, selling 261,793 shares and retaining 143,817 shares worth approximately $1.65 million. Institutional investors collectively own 78.38% of the company.
• CEO John R. Hewitt sold 36,000 shares for $450,000, reducing his direct ownership by 5.83%; company insiders own 4.40% of the stock.
• Matrix Service reported quarterly EPS of $0.13, exceeding the $0.07 consensus estimate, but revenue of $206.71 million fell short of expectations. The stock opened at $11.55, while analysts’ consensus rating is “Moderate Buy” with a $20.50 target price.

Arrowstreet Capital Limited Partnership lowered its holdings in shares of Matrix Service Company (NASDAQ:MTRX - Free Report) by 64.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 143,817 shares of the company's stock after selling 261,793 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.51% of Matrix Service worth $1,651,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Walleye Capital LLC bought a new stake in Matrix Service in the first quarter worth $277,000. Allspring Global Investments Holdings LLC grew its stake in shares of Matrix Service by 427.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 81,919 shares of the company's stock valued at $963,000 after buying an additional 66,400 shares during the last quarter. Strs Ohio grew its stake in shares of Matrix Service by 15.3% during the first quarter. Strs Ohio now owns 54,200 shares of the company's stock valued at $622,000 after buying an additional 7,200 shares during the last quarter. Azarias Capital Management L.P. increased its holdings in shares of Matrix Service by 11.8% in the first quarter. Azarias Capital Management L.P. now owns 817,021 shares of the company's stock worth $9,379,000 after buying an additional 86,254 shares during the period. Finally, XTX Topco Ltd increased its holdings in shares of Matrix Service by 5.5% in the fourth quarter. XTX Topco Ltd now owns 48,808 shares of the company's stock worth $571,000 after buying an additional 2,549 shares during the period. Hedge funds and other institutional investors own 78.38% of the company's stock.

Insider Activity

In other news, CEO John R. Hewitt sold 36,000 shares of the business's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $12.50, for a total transaction of $450,000.00. Following the transaction, the chief executive officer directly owned 581,806 shares of the company's stock, valued at approximately $7,272,575. The trade was a 5.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.40% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Matrix Service in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Matrix Service presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.50.

Matrix Service Stock Down 5.2%

Shares of Matrix Service stock opened at $11.55 on Thursday. The firm has a market cap of $324.90 million, a PE ratio of -21.79, a price-to-earnings-growth ratio of 0.97 and a beta of 1.00. Matrix Service Company has a 12-month low of $9.88 and a 12-month high of $15.97. The company's fifty day simple moving average is $12.93 and its two-hundred day simple moving average is $12.36.

Matrix Service (NASDAQ:MTRX - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.06. The firm had revenue of $206.71 million for the quarter, compared to analysts' expectations of $231.52 million. Matrix Service had a negative net margin of 1.77% and a negative return on equity of 3.60%. As a group, sell-side analysts expect that Matrix Service Company will post 0.25 earnings per share for the current fiscal year.

Matrix Service Company Profile

Matrix Service Company NASDAQ: MTRX is a provider of engineered construction, fabrication and maintenance services to the energy, industrial and power markets. The firm offers a full suite of engineering, procurement and construction (EPC) solutions for clients in the oil and gas, petrochemical, refining, mining, fertilizer and power generation industries. Its capabilities span from front-end engineering design through plant commissioning, with specializations in modular process skid fabrication, structural steel erection and complex piping systems.

The company's service portfolio includes onshore and offshore pipe fabrication, equipment setting, industrial maintenance and shutdown services, electrical and instrumentation installation, and skid-mount and modular construction.

Want to see what other hedge funds are holding MTRX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Matrix Service Company (NASDAQ:MTRX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source